BTC has not yet confirmed the creation of a local minimum, but it is still in sideway structure which may represent the bottom of the whole correction structure. However, this decline is not accompanied by high bearish volumes. Will the price manage to create a growing local minimum, or has the absolute bottom still not been reached?
The reverse pattern may still be validated 123 bottom formation. The price in this scenario must beat resistance $ 46,000 in point 2. If the daylight subsequently closes with a close price above this value, we can talk about reversing the trend and changing the primary price direction.
The most important price levels close to the market price are:
- Resistance: $ 46,000
- Support: $ 37,000, $ 33,000
Source: TradingViewBTC continues in the accumulation phase
If the price will continue in the corrective leg, the nearest support is located on $ 37,000 and $ 33,000. The price should reach a higher local minimum than in point 3 at $ 33,000. If the price does not keep this minimum, then a scenario is possible that they will attack the $ 30,000 mark.
So far, a sideway structure is forming after the descending flag ends. However, in this sideway structure, the graph can continue in both directions. Nevertheless, we see a predominance of bulls, which, however, confirm the strength when the price of this sideway structure shoots upwards above resistance $ 46,000.
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